Asia

Mitsui Global Investment, the private equity arm of Japanese conglomerate Mitsui & Co, has opened an office in Mumbai and set up MGI Group India, a new unit that will build a local team and invest across a number of sectors.

Advantage Partners has no immediate plans to raise a new fund - even though the investment period for its current fund is due to expire in June, the Japanese private equity firm told investors at a meeting on Wednesday.

World Bank investment arm IFC is looking to invest $130m in INOX Renewables, a subsidiary of Gujarat Fluorochemicals, which will be used to build 400 MW of wind projects in the Indian states of Rajasthan and Gujarat.

Malaysian buyout firm Navis Capital Partners has made an unconditional takeover offer for SEG International, a deal that values the country’s second largest private education provider at MYR1.1bn ($359m).

Japan’s Toshiba Corp has pulled out of the sale process for bankrupt Japanese chipmaker Elpida Memory, leaving a host of strategic buyers and a consortium comprising TPG Capital and China’s Hony Capital in line for the business.